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DEVELOPERS TO DEMOLISH NATION'S MOST HISTORIC RACE TRACK: HOLLYWOOD PARK
After purchasing one of the nation’s most celebrated and storied
racetracks in 2005, Bay Meadows Land Co, (BMLC) reportedly agreed
to rebuild Hollywood Parks' impressive resources, and bring racing
to a new generation. Three years later, upon finalizing
“zoning entitlements,” BMLC is gearing up to demolish the famed
track, founded by studio mogul, Jack Warner.
The developers plan to build a low-cost housing and retail development
on a track where Triple Crown winners journeyed their way into racing history (including Affirmed, Seabiscuit, Citation and Count Fleet) and
where the world's top jockeys and thoroughbreds continue to race each year.
Thousands of the Park’s fans and loyal staff are reportedly grieving
over the historic park’s inevitable closure----which celebrated its
70th birthday in 2008. Many question why the City of Inglewood did not
make Hollywood Park a landmark long ago. Some say, historical
sites are a part of our disposable culture. After purchasing one of the nation’s most celebrated and storied racetracks in 2005, Bay Meadows Land Co, (BMLC) reportedly agreed ... more -
Fed Seeks Sweeping New Powers
Federal Reserve Chairman Ben S. Bernanke, seeking to allay renewed concerns over the health of the nation's financial system, said the central bank may extend its emergency-loan program for investment banks into next year.
It's the first time Bernanke has indicated how long he'll extend the lending programs that were introduced in March in a provision of Fed credit to nonbanks unprecedented since the Great Depression.
The Standard & Poor's 500 Banks Index, a measure of 22 firms including Fannie Mae and Freddie Mac, the largest sources of U.S. home financing, fell to 155.48 yesterday, its lowest level since 1996.
Mean while the Fed is using this as an excuse to extend the powers of its agency
{source http://www.marketwatch.com/news/story/bernanke-seeks-ne...={7DFB82A4-1E02-4F50-B445-B8E68B8E0EFD}&dist=msr_4
Congress should consider giving the Fed power to set standards for capital liquidity holdings and risk management for investment banks, as it now does for commercial banks, Bernanke said.
In March, as market conditions worsened, the Fed established two lending facilities for primary dealers of government debt. One allows them to swap a range of illiquid assets for Treasury securities. The other facility provides cash to these broker-dealers in a system that is similar to its discount window for banks.
Bernanke said Congress might give the Fed broad power to promote financial market stability.
If Congress makes this choice, "I do not think the Fed could fully meet these objectives without the authority to directly examine banks and other financial institutions that are subject to prudential regulation.
Increased power for one agency typically comes at the expense of other agencies that have their own strong alliances with powerful members of Congress.
Although Treasury Secretary Henry Paulson has said that he would like to see Congress give the Fed more power to ease the fallout of financial market turmoil on the economy, it is another matter for an agency to be seen as seeking power for itself.
As a result, Bernanke bent over backwards to suggest, rather than demand, that the Fed get the broad new regulatory responsibilities he seeks, though his desire for the new powers was apparent. "
Two-year note yield rose (UST2YR) 3 basis points to 2.46%.
{source http://money.cnn.com/news/newsfeeds/articles/djhighligh... Federal Reserve Chairman Ben S. Bernanke, seeking to allay renewed concerns over the health of the nation's financial system, sai... more -
Watson gets £3m Chanel deal
Emma Watson, the U.K. actress who plays Hermione in the "Harry Potter" blockbusters, reportedly is to be the new face of Chanel's Coco Mademoiselle fragrance.
The Mirror reported the 18-year-old actress has signed with the French fashion house a two-year contract worth £3 million. Keira Knightley's contract with Coco Mademoiselle ends this summer. Emma Watson, the U.K. actress who plays Hermione in the "Harry Potter" blockbusters, reportedly is to be the new face of Cha... more -
Man tries to double money by marinading it
The unidentified man was told by a 32-year-old Frenchman that if he mixed the real cash with blank bills and then marinate them in a special liquid for one night, he would have double the amount of the cash. The unidentified man was told by a 32-year-old Frenchman that if he mixed the real cash with blank bills and then marinate them in a s... more
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But Aren't The Big Investment Banks Investing Heavily In Renewable Energy?
No, because they don't believe in it. They are instead investing massively in new weapons technologies with which to slaughter untold millions of those unfortunate enough to live in oil-rich countries, because they anticipate future oil wars. The west will be maintaining a wasteful lifestyle at the cost of millions of innocent lives. No, because they don't believe in it. They are instead investing massively in new weapons technologies with which to slaughter un... more
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